State Bond Process

1. Borrowing proposals are brought to the legislature.
2. The Legislature selects and the Governor approves projects they believe should be funded from money borrowed through general obligation (G.O.) bonds.
3. A statewide election is held to authorize or reject the bond proposals.
4. The Treasurer solicits and aggregates the requests made by each project manager and issues Bond Anticipation Notes (BANS) to provide the stream of funding needed for each project.
5. The Treasurer will structure and issue bonds, usually in June, to repay the BANS and to consolidate the new debt into a single bond package.
6. The Treasurer tracks the borrowing and spending lines for each project.
7. The Treasurer makes payments from state revenues to bond purchasers until debt is paid.